Examlex
After repeatedly pairing the sound of a bell with food being placed in a dog's mouth, the sound of the bell alone will make the dog salivate. At this point, the sound of the bell is a(n) :
Long-Run Time Period
A duration in economics where all factors of production and costs are variable, allowing for complete adjustment.
Economies Of Scale
The economical benefits that businesses gain from their operation size, typically resulting in lower costs per unit of output as the scale expands.
Specialization
The process of focusing efforts and resources on a limited number of activities to increase efficiency and productivity.
Fixed Input
A resource in the production process whose quantity cannot easily be changed in the short term, such as buildings and machinery.
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